Bitcoin (BTC) Spot ETF Demand Remains Robust, But Its Sustainability Hinges on BTC Maintaining Price Above $61K: Ki Young Ju

CryptoQuant founder and CEO Ki Young Ju, on Monday highlighted that demand for Bitcoin spot ETFs has been robust, with significant net inflows at price levels above $61,000.

Demand For Bitcoin Spot ETFs Remains Robust At Price Levels Above $61,000: CryptoQuant CEO Demand for Bitcoin spot exchange-traded funds remained strong at price levels above $61,000, according to CryptoQuant founder and CEO Ki Young Ju.

Young Ju highlighted this trend on Monday, adding that the sustainability of this demand hinges on Bitcoin maintaining its price above this key threshold.

"As long as the BTC price holds above $61,000, ETF demand should remain steady, in my opinion," he stated in a post on X on Monday.

To provide further context on the market's current state, QCP Capital noted that vice president Kamala Harris and former president Donald Trump are locked in a tight race as odds on Polymarket moved closer to actual poll estimates.

While Polymarket odds currently favor Trump at 55%, this is a substantial decline from 66% a week prior, reflecting a more balanced electoral outlook.

This uncertainty has kept leveraged perpetual positioning in check, with figures dropping from $30 billion to $26 billion across exchanges, signaling cautious sentiment.

The report also touches on the sideways price action over the weekend, suggesting a potential build-up before a major move: "So, is this the calm before a break from the multi-month range and push toward all-time highs? The options market definitely thinks so, as we've seen an increase in topside positioning with substantial buying of end-Nov $75,000 Calls since last Friday."

According to the report, election-date options positions have been rising, with implied volatility above 87%, despite realized volatility sitting at 40%.

Meanwhile, the surge in spot ETF inflows comes as major financial institutions like BlackRock and Fidelity ramp up their involvement in the Bitcoin market.

"BlackRock's IBIT recorded the highest weekly netflows since March 2024, with $2.11 billion flowing into the Bitcoin market," Young Ju said.

Fidelity's FBTC also reported strong inflows, especially when Bitcoin's price touched the $73,000 level, showcasing growing interest from institutional investors.

The potential implications of this sustained demand will be a focal topic at Benzinga's Future of Digital Assets event on Nov. 19.

The event will host industry leaders who will analyze the effect of ETF inflows on the crypto market and discuss broader trends in digital asset investment.